Next Media confirms talks to sell Taiwanese publications

October 05, 2012|Reuters

HONG KONG (Reuters) - Next Media Ltd, controlled by Hong Kong media mogul Jimmy Lai, is in preliminary talks to sell its print business in Taiwan, the company said on Friday, after its share price jumped earlier in the day on media reports of its sale plan.

Trading in Next Media's shares were suspended on Friday morning after its stock rose 20 percent to HK$1.02 on the reports that it aimed to sell its Taiwan publications Next Magazine, Apple Daily and Sharp Daily for around $430 million.

"The board wishes to clarify that the group is still in preliminary discussions with independent third parties in relation to such sale and no concrete terms, including the price, have been agreed nor have any agreements been executed as of the date of this announcement," Next Media said in a statement posted on the Hong Kong stock exchange.

The company has also applied to the exchange for its shares to resume trade with effect from 9 a.m.(0100 GMT) on Monday, it said in the statement.

Earlier this week Next Media issued a statement saying that it planned to sell its Next TV operations in Taiwan for HK$370.5 million ($48 million), with analysts saying that it was part of wider efforts by the company to leave the Taiwan market.

For a copy of the announcement, please click http://www.hkexnews.hk/listedco/listconews/sehk/2012/1005/LTN20121005605.pdf